XRP to $1? Top Trader Speculates
31 May 2023
1. Where are you from and where is Overbit based?
I am from Hong Kong and Overbit is based in Singapore.
2. When did you first get your hands into cryptocurrency and what attracts you to the crypto space?
I first learned about Bitcoin in 2013 with my college community and started to invest and mine Bitcoin. I started to feel that the emergence of cryptocurrency has a huge opportunity to revolutionise the digital finance markets and gain mass adoption. By the end of 2016, I was a convert to cryptocurrency and have never turned back since.
3. Who is Overbit?
Overbit is an easy-to-use Bitcoin margin trading platform, providing 100x leverage on crypto and 500x leverage on forex and commodities. Our goal is to provide the best trading experience for any type of trader, be it professional or novice traders.
4. What’s your favorite and most hated coin?
Bitcoin tops my list and I do not hate any coin.
5. When and why did you start Overbit?
Overbit birthed in late 2018.
We spotted and noticed challenges for novice and inexperienced traders to onboard onto crypto margin trading. Based on that pain point, we developed a seamless and simple-to-use platform to help these new traders.
We launched a demo account with real time pricing and trading features for everyone to use before migration into the live trader happens. With the demo account, each trader is given 8 BTC and USDT 50,000 for them to practice trades.
Overbit - Demo Account
For the convenience of traders, we added in live market charts on our website so that they are abreast on the latest pricing.
Overbit - Live charts on the website
6. How do you educate traders who trade on Overbit?
As mentioned previously, we have a Demo account available for the traders. In my opinion, I think it is the best way to “educate” them on crypto. On the other hand, myself and our research team would publish educational content regularly for our community. We try to keep the articles simple and focused centric around basic topics where readers can apply them in both crypto and traditional markets.
Check out our blog to see some samples of these education content:
Example of weekly news: https://blog.overbit.com/weekly-news-17-02-21/
Example Overbit Education content: https://blog.overbit.com/the-difference-between-gold-and-bitcoin/
7. What markets do you serve with Overbit?
Overbit offers crypto, forex and commodities markets globally. We offer 26 crypto pairs including BTC/USD, ETH/USD and more.
We also offer more than 15 forex and commodities pairs and you can see the full list here: https://www.overbit.com/en/markets/
8. Is Overbit planning to enter the African market? What can traders in this market look forward to?
Definitely yes! We are a global company, everyone who is not based in the restricted countries are welcome to join us. The inflation rate in Africa countries is generally high, so there is an extra gap for people who want to trade in different markets. Overbit allows users to trade cross market with Bitcoin or USDT, and we will add more instruments that are popular in Africa in the future.
9. Do you prefer trading or you would rather HODL? And if you trade, do you do Spot trading, Leverage trading or both?
I prefer both, it is the same concept when I am investing in traditional markets, diversification is extremly important.
10. What's your take on margin trading and what advice would you have for new traders entering into margin trading?
Margin trading has higher risk than spot trading. Traders need to understand what the risks are for each individual and how much risk you can take. When you make a perpetual swap contract, it is really similar to spot trading so most people may forget the risks involved. So my advice to you is to ensure that you do these 5 steps before trading:
1. Understand what margin trading is all about. If you are not sure, try out on a Demo account first and practice your trades.
2. Know your risks.
3. Set your investment portfolio.
4. Set your goal (take profit/stop loss).
5. Practice, practice and practice.
11. Where do you see crypto’s position in the next 5 years and would Overbit still be in the picture?
Overbit will be available and continually provide the best trading experience for everyone. In 5 years’ time, the crypto market would be more mature and less volatile.
12. How was 2020 for you and Overbit? What are some of your key takeaways from last year?
2020 was an unprecedented year with COVID-19. Thank goodness, the crypto market and trading industry only received minimal disruption in comparison to other industries. We saw an increase of almost 40% in trading activities during the pandemic as more people stayed at home to work and had more time and flexibility to trade.
In the midst of doom and gloom, I wanted to inject fun and cheer to traders. I invested a five-digit budget to launch Overbit Sketches - a series of educational trading commercials with a funny spin on it. Check Sketches out and have a laugh!
Here is our latest Sketches commercial on Security: https://youtu.be/-J6ol-ntE4Q for your leisure viewing.
I wanted to give back to my traders who were loyal to Overbit. So with that in mind, I launched Overbit Rewards Hub. This is another long-term investment that is able to bring daily joy to our traders.
Being a gamer myself, I understand the principle of gamification and know the potential in gamifying trading. A trading ecosystem such as this can help build trust between Overbit and traders as it has been proven by the success of many blockchain-based gaming platforms.
With the rewards hub, traders can now have fun playing different types of games to earn crypto perks or even BTC or USDT without having to physically trade on our platform.
Overbit Rewards Hub Dashboard
(Included at the bottom of our website)
Overbit does not accept applications from residents of the United States of America, United Kingdom, Quebec (Canadian province), Cuba, Iran, North Korea, Singapore, Seychelles, Crimea and Sevastopol, Sudan and Syria.
Social Media Channels:
About Chieh Liu - CEO
Hackernoon Account: https://hackernoon.com/u/cl-overbit
Chieh Liu developed a strong interest in blockchain and cryptocurrency while he was studying computer science at California State Polytechnic University in 2011.
After graduating, he worked as an advisor for several financial investment firms across several Asian markets for almost a decade. As an avid forex and crypto trader, Chieh realised that there was a gap when it came to trading across the various financial markets.
Chieh founded Overbit in 2017 and launched it in 2019 to become the world’s first cross-market trading platform.
The Best Margin Trading Platform: Boost your trade with up to 100X leverage on cryptos & 500X leverage on Forex, Low Trading Fees
Cryptocurrency and Blockchain Dictionary: Meaning of Terms Used In Cryptocurrency And Blockchain